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Ripple CEO on 60 Minutes: $150M Fight for Crypto Clarity and XRP’s Rise
In an exclusive December 8, 2024, interview on 60 Minutes, Ripple CEO Brad Garlinghouse opened up about the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple’s pivotal role in the crypto industry’s fight for regulatory clarity, and the impact of these developments on XRP and the broader crypto ecosystem.
The $150 Million Fight Against the SEC
Garlinghouse revealed that Ripple has spent over $150 million defending itself against the SEC’s assertion that XRP should be classified as a security. He criticized the SEC’s approach under Chairman Gary Gensler, labeling it a “war on crypto” that has forced industry leaders to band together. This frustration led to the formation of FairShake, a super PAC aimed at pushing back against regulatory overreach.
“FairShake likely wouldn’t exist if the SEC had a different chairman,” Garlinghouse remarked, signaling the broader discontent within the crypto industry about Gensler’s tenure.
An SEC spokesperson, however, countered this narrative by pointing out the staggering losses suffered by investors due to fraud and market failures in the crypto space, implying that the industry's legal expenditures pale in comparison to the damages.
Ripple’s Case for Clear Regulations
Garlinghouse emphasized that Ripple is not seeking to avoid regulation but rather advocating for clear, consistent guidelines. XRP, he argued, is not a stock and should not be subject to securities laws that apply to traditional assets.
“I went to Harvard Business School—I think I understand what defines a security,” Garlinghouse stated. “Never once did we consider that XRP could be classified as one. We’re not asking to be deregulated; we’re asking for clear rules of the road.”
Ripple’s stance is part of a broader call for Congress to address the regulatory ambiguity surrounding digital assets, which Garlinghouse believes stifles innovation and industry growth.
XRP Price Surges Amid Optimism
$XRP
XRP, Ripple’s native cryptocurrency, has been riding a wave of investor optimism, with its price approaching $2.60—a 4.5% increase at the time of writing. The surge follows speculation about Garlinghouse potentially meeting President-elect Donald Trump and news of SEC Chairman Gary Gensler's resignation.
The crypto community is hopeful that a Trump presidency could usher in more favorable regulatory conditions for blockchain projects like Ripple. Ripple’s blockchain-based payment systems have continued to garner attention, further solidifying XRP’s position in the market.
What’s Next for Ripple and XRP?
Garlinghouse’s candid interview has sparked renewed debate about the future of crypto regulation in the U.S. and the long-term prospects for XRP. Ripple’s significant financial commitment to its legal defense underscores its determination to challenge the SEC's stance and advocate for industry-wide change.
As Ripple prepares for the next phase of its legal battle, the stakes remain high—not just for the company but for the future of crypto innovation in the United States.
#xrp #AltSeasonBoom?
The $150 Million Fight Against the SEC
Garlinghouse revealed that Ripple has spent over $150 million defending itself against the SEC’s assertion that XRP should be classified as a security. He criticized the SEC’s approach under Chairman Gary Gensler, labeling it a “war on crypto” that has forced industry leaders to band together. This frustration led to the formation of FairShake, a super PAC aimed at pushing back against regulatory overreach.
“FairShake likely wouldn’t exist if the SEC had a different chairman,” Garlinghouse remarked, signaling the broader discontent within the crypto industry about Gensler’s tenure.
An SEC spokesperson, however, countered this narrative by pointing out the staggering losses suffered by investors due to fraud and market failures in the crypto space, implying that the industry's legal expenditures pale in comparison to the damages.
Ripple’s Case for Clear Regulations
Garlinghouse emphasized that Ripple is not seeking to avoid regulation but rather advocating for clear, consistent guidelines. XRP, he argued, is not a stock and should not be subject to securities laws that apply to traditional assets.
“I went to Harvard Business School—I think I understand what defines a security,” Garlinghouse stated. “Never once did we consider that XRP could be classified as one. We’re not asking to be deregulated; we’re asking for clear rules of the road.”
Ripple’s stance is part of a broader call for Congress to address the regulatory ambiguity surrounding digital assets, which Garlinghouse believes stifles innovation and industry growth.
XRP Price Surges Amid Optimism
$XRP
XRP, Ripple’s native cryptocurrency, has been riding a wave of investor optimism, with its price approaching $2.60—a 4.5% increase at the time of writing. The surge follows speculation about Garlinghouse potentially meeting President-elect Donald Trump and news of SEC Chairman Gary Gensler's resignation.
The crypto community is hopeful that a Trump presidency could usher in more favorable regulatory conditions for blockchain projects like Ripple. Ripple’s blockchain-based payment systems have continued to garner attention, further solidifying XRP’s position in the market.
What’s Next for Ripple and XRP?
Garlinghouse’s candid interview has sparked renewed debate about the future of crypto regulation in the U.S. and the long-term prospects for XRP. Ripple’s significant financial commitment to its legal defense underscores its determination to challenge the SEC's stance and advocate for industry-wide change.
As Ripple prepares for the next phase of its legal battle, the stakes remain high—not just for the company but for the future of crypto innovation in the United States.
#xrp #AltSeasonBoom?
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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